The US Postal Service is set to raise the price of stamps for the second time this year.
The agency already bumped the cost from 60 to 63 cents in late January (and, prior to that, from 58 to 60 cents in July 2022).
Now the agency has filed notice that it intends to increase the cost of a first-class stamp from 63 cents to 66 cents.
The proposal has already been approved by the agency’s Board of Governors. If approved by the Postal Regulatory Commission, it will take effect on July 9, 2023.
“As operating expenses fueled by inflation continue to rise and the effects of a previously defective pricing model are still being felt, these price adjustments are needed to provide the Postal Service with much-needed revenue,” the agency said in a statement.
The Post Office has been dragging an annual budget deficit of $10 billion and more than $188 billion in debts and unfunded liabilities, according to the Government Accountability Office.
It generally receives no tax dollars for operating expenses and relies on postage, products and services for funding.
Despite the latest hike, the Post Office called its rates “among the most affordable in the world.”
How much is the price of stamps going up?
On July 9, first-class stamps are slated to go from 63 to 66 cents, a 4.6% increase.
There have been proposed price hikes on other kinds of mail — a 1-ounce metered letter will cost 63 cents, up from 60 — and the Post Office is also looking to raise fees for certified mail, money orders and post office boxes.
USPS increases
| Product | Current Price | Planned Price |
|---|---|---|
| Letters (1 oz.) | 63 cents | 66 cents |
| Letters (metered 1 oz.) | 60 cents | 63 cents |
| Domestic Postcards | 48 cents | 51 cents |
| International Postcards | $1.45 | $1.50 |
| International Letter (1 oz.) | $1.45 | $1.50 |
Will shipping rates increase, too?
While the Post Office increased the cost of sending packages via Priority Mail, Priority Mail Express and First Class Mail in January, it hasn’t announced any additional price changes.
Details on pricing information can be found on the Postal Service’s Postal Explorer website.
How to avoid paying more for stamps
You can dodge the price hike, at least temporarily, by purchasing Forever stamps before July 9. Forever stamps are always valid, regardless of when they were bought or the price paid.
Forever stamps are available at online retailers like Amazon or directly from the US Postal Service website.
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